June 25, 2012 (Chris Moore)
Home sales gained momentum last week, rising almost three percent from the previous week and adding over 5,000 transactions, while home prices stumbled slightly but still managed to post a modest increase according to the weekly National Home Sales Snapshot released by DataQuick.
There were 203,929 properties sold over the previous thirty-day rolling period ending June 21st, up 2.9 percent from the previous week’s total of 198,090 sold properties and 8.8 percent higher than the 187,362 properties sold four weeks ago.
Sales volume was 6.8 percent above the previous year’s cycle peak of 190,934 sales which occurred during the 30-day rolling period prior to September 1st.
Last week’s home sales volume was 10.5 percent higher than the 184,597 homes sold during the same period a year ago and was 11.8 percent higher than during the same period three years ago when 182,340 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $500 from last week to $190,000 and was 2.7 percent higher than what it was four weeks ago when the median sales price was $185,000.
Home prices were also 5.6 percent higher than the same period a year ago when the median price of a home was $180,000 and were also 5.6 percent higher than what they were three years ago when the median price was also $180,000. It was the 11th consecutive week that year-over-year home prices surpassed the previous year’s levels.
Over the last five years, median home prices nationwide have ranged from a high of $275,000 to a low of $168,500.
Home sales volume over the last five years has ranged from a high of 339,669 properties sold to a low of 124,051.
The National Home Sales Snapshot includes 98 out of the top 100 metropolitan statistical areas covering 66.25 percent of U.S. home sales.
Tags: DataQuick, home sales, median home price, sales volume